Four years ago your parents purchased a town house for $850,000.They made a down payment of 20% and took out a mortgage with the bank for the balance.They amortized the mortgage over 25 years at 3.1% compounded semi-annually for a 4-year term.

(a) Calculate their monthly payment.The bank rounds the payment up to the next dollar.

(b) How much of the 48^thpayment was interest?Express your answer in 2 decimal places.

(c) How much interest did they pay in the 4th year (Year 4) of the mortgage?Express your answer in 2 decimal places.

(d) What percentage of the mortgage have they paid off after making 4 years of payments?Express your answer in 2 decimal places.

(e) After making four years of payments, they made a lump-sum payment to reduce the balance owing to $580,000.How much was the lump-sum payment?Express your answer in 2 decimal places.